METHUEN, MASS. — Lincoln, Mass.-based TRB & Associates has brokered the sale of Ranger Plaza in Methuen for $2.97 million. The center consists of four freestanding retail buildings and is 100 percent occupied by McDonald's, TD Bank, Outback Steakhouse and Dunkin' Donuts. Thomas Blakely of TRB & Associates represented the seller and procured the buyer in the transaction.
WILLIAMSBURG, VA. — S.L. Nusbaum Realty Co. has opened a 52,600-square-foot Harris Teeter store at the 86,000-square-foot Quarterpath Crossing Shopping Center in Williamsburg. The property is located near the main entrance to the Kingsmill on the James gated community on Route 199. Quarterpath also houses Wachovia Bank and Towne Bank. Subway, No. 1 Chinese Restaurant, Lee Nails, Swan Cleaners and Kyrie Designs are slated to move into the center in the future.
CHICAGO — Chicago-based Fitness Formula Clubs (FFC) has leased the former Crunch Gym, an approximately 54,000-square-foot space at the 939 North Avenue Collection in Chicago’s Lincoln Park neighborhood. The tenant plans to upgrade the existing fitness facility to reflect the FFC brand. Geoffrey Euston and Brian Lafer of U.S. Equities Realty represented the tenant in the transaction. Additional terms of the lease transaction were not released.
PLYMOUTH MEETING, PA. — Construction is complete for the expansion of Plymouth Meeting Mall, which is located at 500 W. Germantown Pike in Plymouth Meeting. The 100,000-square-foot, open-air addition brings the mall's total size to 914,000 square feet. New tenants at the expanded space include Whole Foods Market, Coldwater Creek, Loft, Olly, Jos A. Bank and Chico's. The addition was built atop a 350-space parking garage. Three restaurant pavilions plaza are still under construction and will be occupied by PF Chang's China Bistro, Redstone Grill, Bertucci's, California Pizza Kitchen and Benihana. The general contractor for the project was Malvern, Pa.-based IMC Construction, and the project architect was New York City-based CREATE Architecture Planning & Design. The owner of Plymouth Meeting Mall is Pennsylvania Real Estate Investment Trust.
LANCASTER, PA. — Stan Johnson Co. (SJC) has brokered the sale of a fee-simple ground lease in Lancaster for $10.2 million. The 17-acre property, which is located at 1801 Hempstead Road, is occupied by a 117,000-square-foot Lowe's Home Improvement Warehouse. SJC's Brad Pepin and Joey Odom represented the seller, an institutional client based in the Northeast. Bill Comp of Wilson-Comp Associates represented the buyer, a private investor.
NEWTON, MASS. — The Capital Markets Group of Boston-based Colliers Meredith & Grew has arranged a $7.5 million loan for the refinancing of a 62,589-square-foot retail property located in Newton. The two-building center is situated at 241-281 Needham St. It is 99 percent leased to a tenant roster that includes Marshalls, CVS/pharmacy and AAA Southern New England. The loan includes a 5-year term and a fixed interest rate. It was secured by John Broderick of Colliers Meredith & Grew on behalf of the borrower, Northland Investment Corp. The lender was Washington Trust Co., a subsidiary of Washington Trust Bancorp.
NAPLES, FLA. — Pelican Bay Developments I has sold an 11,200-square-foot retail building to Saiano for $5 million. The property is located at 5296 Tamiami Trail N. in Naples. The building was constructed in 1998 and sits on 1.29 acres of land. David Stevens of Investment Properties Corp. represented the buyer.
GLEN BURNIE, MD. — Bill Libercci of NorthMarq Capital's Baltimore office has arranged first mortgage financing of $2.8 million for a U-Store facility in Glen Burnie. Financing was provided by Advantus Capital Management. The property contains 863 self-storage units.
WEST BEND, WIS. — Prescott Development Group is planning to develop a $10 million grocery store and retail building at the South Main Street Shopping Center in West Bend. The project includes construction of a 63,500-square-foot building on the north end of the 9-acre property and the development of a 17,000-square-foot, multi-tenant retail facility. Additionally, the site will offer two out parcel sites, which can accommodate restaurant or bank tenants. Pending city approval, the company plans to break ground in spring 2010.
DEARBORN, MICH. — Village Farms has signed a lease for 1,359 square feet of retail space at West Village Commons, which is located at 22223 Michigan Ave. in Dearborn. Tony Schmitt and Brooke Wolfe of LaKritz-Weber & Co. represented the landlord, West Village Commons LLC, in the transaction. Additional terms of the lease were not released.